Republican tax bill fails in Senate, aided by two Republicans

WASHINGTON (Reuters) - Democrats in the Senate on Wednesday rejected a Republican plan to extend all expiring individual tax rates, with the help of two Republicans, in a largely symbolic vote ahead of the November elections.

The bill would have renewed tax cuts originally enacted under former Republican President George W. Bush in 2001 and 2003, for all income levels.

The Senate will later vote on a Democratic version of the legislation which would extend the lower tax rates for the vast majority of Americans but would raise tax rates for income earned above $250,000.

Republican Senators Scott Brown, facing a tight re-election race in Massachusetts, and moderate Susan Collins voted with Democrats to defeat the bill.

(Reporting By Kim Dixon; Editing by Fred Barbash and Phil Berlowitz)

Source: http://news.yahoo.com/republican-tax-bill-fails-senate-aided-two-republicans-211553900--sector.html

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